Most people don’t consider bankruptcy until they are very deep in debt. For those who have no property, no income and a huge stack of bills, Chapter 7 bankruptcy is typically the best option. However, if you own a home, have a job and don’t want to give up everything you’ve worked for, consider filing Chapter 13 Bankruptcy in Hamilton OH.
If you can afford to make payments on your bills, Chapter 13 will allow you to catch up on your late mortgage payments so you can keep your home. Your lawyer may look over your bills and your income to help you determine if Chapter 13 would be a good option for you and your family. This kind of bankruptcy may also lower your monthly payments by eliminating a second mortgage or home equity loan from your obligations. The only housing payment you will have to make under Chapter 13 is your first mortgage.
The bankruptcy court will determine how much you have to pay on your other bills based on your current income. You’ll make one payment per month to the trustee and that person will distribute the money to your creditors. You don’t have to pay any creditors directly and they should not contact you regarding payment. If you have been getting phone calls and letters from bill collectors for months, filing Chapter 13 Bankruptcy in Hamilton OH can eliminate those calls and allow you to answer your phone and check your mailbox without being worried about creditor harassment.
Many people consider bankruptcy after they receive a notice that their wages will be garnished. By working with R. Dean Snyder Attorney, you can stop the garnishment and pay the original creditor through your bankruptcy, not your paycheck. This will allow you to bring more money home so you call afford to pay all of your debts.
The payment plan set up by the court will last three to five years. At the end of the term, any unsecured debts you were paying through the bankruptcy may be discharged. You will still owe debts that are secured, such as your mortgage and car payment and any family obligations such as child or spousal support.
